Selling and Sales Management MKTG 4343

Prospecting
finding people or institutions to do business with

step one of the process

Communication
essential to the process
without a relationship, it’s difficult to communicate effectively
Steps of Prospecting
Find the Need
Find the want
Solve the problem
Improve someone’s life
Save them time
Make them feel better
Guided by the Golden Rule
People buy from those they know and trust
Rather than selling, focus on
Helping
Selling Process
Prospecting
Preapproach/planning
Approach
Presentation
Trial Close
Determine Objections
Meet Objections
Trial Close
Close
Follow-Up
Pioneering
finding someone to buy a new product that there is no realized need for by the consumer
Qualifying a lead
make sure the lead can actually be converted into a client at some time
M.A.D.
Money to buy
Authority to buy
Desire to buy
Leaking Bucket Customer Concept
all salespeople lose x amount of sales and customers per year
You need to constantly be bringing in new customers
Birddog
Someone who helps to find prospects (axiom)
Three Prospecting Guidelines
Customize to each prospect
Concentrate on high potential customers first
Call back on no-sale/ follow up at appropriate times
Sales lead clubs
non competitive businesses who share a similar customer
Orphaned customers
clients who are left when a salesman leaves/retires
endless chain customer referrals
referrals eventually start referring
Cold canvassing
knocking on doors, random approach
The Prospect Pool
Leads, Referrals, Orphans, Customers
When to ask for a referral
When they’re happy with you
Call reluctance
not wanting to contact a prospect or customer
Purpose of any sales call
make a contribution to the welfare of the person
Value proposition
clearly and completely explains all of the buyers needs and how you can fulfill them

“here’s what I can do for you (here’s what I suggest you do), and here’s why”

Reasons for planning the sales call
builds confidence
develops atmosphere of goodwill
reflects professionalism
generally increases sales
SMART objective
Specific
Measurable
Achievable
Realistic
Timed
The prospect’s five mental steps in buying
Attention
Interest
Desire
Conviction
Purchase
Approach
The time from when the salesperson first sees/contacts the buyer to the beginning of the discussion of the product
Direct Questions
Closed ended
Indirect questions
open ended
Limitations of the Direct Question
Does not really tell much
there is little feedback information
How to determine a buyer’s needs
ask good questions
When to use a memorized (canned) sales presentation method
ensures that the salesperson gives a well-planned presentation
non-technical product
when selling time is short
Why not choose a memorized presentation
Not very creative

requires the salesperson to proceed quickly through the sales presentation to the close, resulting in several closes or requests for the order, which may be interpreted by the prospect as high pressure selling

Why choose a formula method
have called on the prospect in the past
similar prospects in similar situations
Why not choose formula method
do not know the prospect’s needs
complex selling situation
Why choose the need-satisfaction sales presentation
Use this method the first time you call on a prospect

need a flexible, interactive sales presentation

reasons not to use need-satisfaction
need more control over the conversation
Need-satisfaction Presentation’s Phases
Need Development phase
Need Awareness phase
need fulfillment phase
Why choose problem-solution sales method
selling highly complex or technical products
need a flexible, customized presentation based on findings
Group presentation
larger the group, the more structured your presentation
Objections
opposition or resistance to information or the salesperson’s request
Hidden objection
customer doesn’t say their real objection and there is something underlying that is keeping them from buying
Follow up
maintaining contact with a customer in order to evaluate the effectiveness of the product and the satisfaction of the customer
Transaction Selling
sells once
Relationship selling
periodically stays in touch
partnering
continually works with customers
Simplified Process
Approach
interview
Solution
Action
Encore
CRM
Customer Relationship Management